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Oversea Enterprise swings to loss in fiscal Q3

Oversea Enterprise Bhd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of 757,250 ringgits, compared with income of 394,380 ringgits in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 4.8% from 3.0% in the year-earlier period.

Total revenue fell 7.7% on an annual basis to 12.0 million ringgits from 13.0 million ringgits, and total operating expenses climbed 5.5% on an annual basis to 13.0 million ringgits from 12.3 million ringgits.

Reported net income totaled a loss of 1.5 million ringgits, or a loss of 1 sen per share, compared to income of 123,000 ringgits, or 0 sen per share, in the year-earlier period.

As of Feb. 16, US$1 was equivalent to 3.58 ringgits.